Binance Coin (BNB) price eyes massive gains past $700 after fees on the BSC Chain dropped by 90%

Binance Coin (BNB) price is trading in the green on Thursday morning as the broader cryptocurrency market continues to recover. The altcoin is up by 3% over the past 24 hours and trades above the $630 level at press time.

While the broader crypto market has seen volatility in recent months, Bitcoin price has now topped $100,000, pushing altcoins higher.

Two bullish patterns have emerged on the BNB price chart, which could see the coin break out towards $700.

The double-bottom pattern on the daily chart is nearing completion, with the neckline providing immediate resistance. If the coin can break above this point, then the next bullish leg will be unlocked.

The price target for this double-bottom pattern is $732, and if the coin can reach this point, then BNB eyes gains past $1,000.

If the double-bottom pattern is not enough to indicate a strong bullish sentiment, then perhaps flipping resistance at the upper trendline of a symmetrical triangle will.

This pattern has been in play since May 2024, and if the coin can continue to trade above this point, then it supports a Binance Coin price prediction that a rally to all-time highs is looming.

Meanwhile, technical indicators such as the AO histogram bars and the MACD show that bears are no longer in control as the bullish momentum grows stronger.

Binance Chain gas fees drop by 90%

The recent decline in gas fees on the Binance chain may be the catalyst for the next BNB price rally towards all-time highs.

According to data from BSC Scan, the blockchain's fee has dropped by 90% from 1 gwei to 0.1 gwei.

This decline comes a few days after Binance founder Changpeng Zhao suggested that the network's fees be lowered 3x or 10x.

The current gas fees on the BNB chain are now 40x times lower than the 4 gwei on Ethereum, according to data from etherscan.

The declining fees have not only bolstered bullish sentiment towards the BNB price but also increased network usage.

According to data from DeFiLlama, the network's Total Value Locked (TVL) has increased past $8 billion to the highest level since January 2024.

At the same time, the total DEX volumes on the Binance Chain have soared to a six-week high of $2.12 billion.

As the network's usage and activity continue to rise, the price of Binance Coin will record a significant uptrend.

Therefore, as the fees on Binance Chain drop by 90% to 0.1 gwei, the network has recorded a notable surge in activity, which translates to gains for the BNB price.

Moreover, the double-bottom pattern formation alongside a symmetrical triangle hints that the coin is on the verge of a major bullish breakout that may propel it past $700.

Frequently Asked Questions (FAQs)

1. Will BNB price reach $700 after gas fees on Binance Chain drop by 90%?

The recent reduction in gas fees on Binance Chain, varying from 1 gwei to 0.1 gwei, has sparked a surge in activity on the network. Consequently, the price of Binance Coin (BNB) is trading in the green and shows potential for further gains towards the $700 mark. Additionally, two bullish patterns emerging on the BNB price chart, namely the double-bottom pattern and the symmetrical triangle breakout, suggest that a rally towards new all-time highs could be in the works.

2. Why is the DeFi TVL on BNB Chain rising?

The network's activity has increased as a result of the recent reduction in gas fees on Binance Chain. According to DeFiLlama, the network's Total Value Locked (TVL) has risen above $8 billion, reaching the highest level since January 2024.

3. When will Binance Coin reach an ATH?

Binance Coin (BNB) price is trading in the green on Thursday morning as the broader cryptocurrency market continues to recover. At press time, the altcoin is up by 3% over the past 24 hours and trades above the $630 level.

Recently, Bitcoin price topped $100,000, pushing altcoins higher. This move has seen traders become optimistic towards the crypto market once again, especially as several major altcoins trade at yearly highs.

Two bullish patterns emerge on the BNB price chart

BNB price may be on the verge of an upswing towards $700 as teased by the double-bottom pattern formation on the daily chart.

This pattern emerges after a coin trades at lows and then bounces back, forming a W-shaped chart. The double-bottom pattern will be confirmed if the coin can overcome resistance at the $644 neckline, as this will unlock